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Breaking Stock Market and Financial News

Amazon shares jump 5% following strong earnings report

MarketWatch Market Pulse - Thu, 04/27/2017 - 16:18

Shares of Amazon.com Inc. rallied in after-hours trade Thursday following the company's stronger-than-expected earnings report. The e-commerce and cloud-services giant reported first-quarter net income of $724 million, or $1.48 a share, compared with $513 million, or $1.07 a share, in the year-earlier period. Analysts had forecast earnings of $1.08 a share. Revenue for the period climbed to $35.7 billion from $29.1 billion a year earlier, topping the consensus view of $35.3 billion. Amazon Web Services revenue increased to $3.66 billion from $2.57 billion in the year-earlier period. The company forecast second-quarter earnings of between $35.25 billion and $37.75 billion, bracketing - but mostly below - the $37 billion FactSet forecast. Shares of Amazon jumped nearly 5% to $963 in after-hours trade. The stock had gained 10% in the past three months and 51.5% in the past 12 months, as of Thursday's close. It has outperformed the S&P 500 , which is up 4% in the past three months and 14% in the past year. Follow MarketWatch live blog for coverage of Amazon's conference call and further earnings reaction.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Google-parent Alphabet beats first-quarter earnings expectations

MarketWatch Market Pulse - Thu, 04/27/2017 - 16:18

Shares of Google-parent Alphabet Inc. climbed 3% late Thursday after the company beat first-quarter earnings expectations. It reported net income of $5.4 billion, or $7.73 per share, up from $4.2 billion, or $6.02 per share, in the year-earlier period. The FactSet consensus was for earnings per share of $7.38. Revenue was $24.7 billion, up from $20.2 billion in the year-earlier period and above the FactSet consensus of $19.7 billion. Google advertising revenues contributed $21.4 billion, while "other bets" revenues contributed $244 million. The company reported a 2% increase in aggregate paid clicks sequentially. Shares of Alphabet have gained 6% in the past month, compared to the S&P 500's gain of 2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

GoPro's stock jumps after results, outlook beat expectations

MarketWatch Market Pulse - Thu, 04/27/2017 - 16:18

Shares of GoPro Inc. jumped 3.7% in after-hours trade Thursday, after the action camera maker reported better-than-expected first-quarter results and second-quarter outlook. The net loss widened to $111.2 million, or 78 cents a share, from $107.5 million, or 78 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted per-share loss was 44 cents, compared with the FactSet loss per share of 45 cents. Revenue rose 19% to $218.6 million from $183.5 million, beating the FactSet consensus of $208.1 million. The company said non-U.S. markets generated 60% of first-quarter revenue. For the current quarter, GoPro expects revenue of $270 million, plus or minus $10 million, well above the FactSet consensus of $243 million. "GoPro is executing a turnaround," said Founder and Chief Executive Nicholas Woodman. "We had a great first quarter and feel good about our outlook for the second quarter." The stock had tacked on 2.6% year to date through Thursday's close, while the S&P 500 has gained 6.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Intel shares slide after first-quarter earnings release

MarketWatch Market Pulse - Thu, 04/27/2017 - 16:17

Shares of Intel Corp. fell in Thursday's extended session after the chip maker announced quarterly earnings. Intel reported its first-quarter earnings rose to $3 billion, or 61 cents a share, from $2 billion, or 42 cents a share, a year earlier. On an adjusted basis, the tech giant would have earned 66 cents a share. Revenue grew 7% to $14.8 billion. Analysts surveyed by FactSet had forecast earnings of 65 cents a share on revenue of $14.81 billion. The company projected second-quarter revenue of $14.4 billion, plus or minus $500 million and adjusted earnings per share of 68 cents, slightly above Wall Street's earnings expectation. For the full year, Intel sees revenue of $60 billion and adjusted EPS of $2.85. Shares declined 3.2% after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Expedia shares slide 2.7% after earnings miss

MarketWatch Market Pulse - Thu, 04/27/2017 - 16:13

Online travel company Expedia Inc. said Thursday it had a net loss of $86.1 million, or 57 cents a share, in the first quarter, narrower than the $108.6 million loss, or 72 cents a share, posted in the year-earlier period. Adjusted per-share earnings came to 5 cents, just below the FactSet consensus of 6 cents. Revenue rose to $2.19 billion from $1.90 billion, ahead of the FactSet consensus of $2.14 billion. Gross bookings rose 14% to $23.6 billion. Room nights stayed, including at its HomeAway business, rose 12%, while room nights booked climbed 18%. Shares fell 2.7% in after-hours trading, but are up 20% in 2017, while the S&P 500 has gained 6.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Starbucks shares slip as revenue falls short of Street view

MarketWatch Market Pulse - Thu, 04/27/2017 - 16:12

Starbucks Corp. shares declined in the extended session Thursday after the coffee chain matched Wall Street earnings estimates but fell short of consensus revenue targets. Starbucks shares fell 3.2% to $59.31 after hours. The company reported fiscal second-quarter earnings of 45 cents a share on revenue of $5.29 billion. Analysts surveyed by FactSet had forecast earnings of 45 cents a share on revenue of $5.42 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

How did a copy of U.S. Declaration of Independence get to southern England?

Top Reuters News - Thu, 04/27/2017 - 16:12
CHICHESTER, England (Reuters) - British experts will carry out tests to try to determine how a rare copy of the U.S. Declaration of Independence found its way to an archive in southern England.

Nasdaq races to an all-time high, as Dow, S&P 500 end flat

MarketWatch Market Pulse - Thu, 04/27/2017 - 16:08

The Nasdaq Composite closed at a record Thursday, during an busy day of corporate quarterly results, but the broader market ended in neutral territory as a slump in energy and questions about President Donald Trump's tax plan weighed on Wall Street. The Nasdaq Composite ended up 0.4% at 6,048, marking a fresh record for the tech-heavy index--its second all-time closing high for the week. The Dow Jones Industrial Average closed at break-even levels at 20,981, as did the S&P 500 index at 2,388. Energy stocks declined 1.1%, representing the worst performer among the S&P 500's 11 sectors as U.S. crude-oil prices settled at the lowest level in a month. Subdued trade in the broader market came as analysts said Trump's tax proposal delivered Wednesday afternoon, was light on specifics and failed to address the question of how the proposed cuts would be funded. In corporate news, American Airlines Group Inc. shares slumped after reporting disappointing first-quarter results. Investors were also awaiting a slew of earnings for tech names, including those for Google-parent Alphabet Inc. , Microsoft Inc. and Amazon Inc. , all reporting after Thursday's close of regular trade.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

U.S. Republican leaders hunt for votes for healthcare bill

Top Reuters News - Thu, 04/27/2017 - 16:03
WASHINGTON (Reuters) - House Republicans were making headway in efforts to build support for a reworked plan to overhaul the U.S. healthcare system, but have not decided when to vote, House Speaker Paul Ryan said on Thursday.

United Airlines passenger dragged off flight agrees to settlement with airline: lawyers

MarketWatch Market Pulse - Thu, 04/27/2017 - 15:28

The 69-year-old passenger who was dragged off a United Airlines flight bloodied and disheveled on April 9 has agreed to a settlement with the airline, according to his attorneys. Dr David Dao, whose experience became part of a viral video after passengers filmed him being dragged away by police officers, has reached "an amicable settlement," attorneys Thomas Demetrio of Corboy & Demetrio and Stephen Golan of Golan Christie Taglia said in a statement. The terms of the settlement are to remain confidential, they said. "[United CEO Oscar] Munoz said he was going to do the right thing, and he has," said Demetrio. Earlier Thursday, United announced "10 substantial changes to how it flies, serves and respects its customers," saying the shifts come after scrutiny of its policies in the wake of the incident. These include offering up to $10,000 to passengers who volunteer to give up their seats when a plane is too full. Shares of United parent United Continental Holdings Inc. were down 1.1% late Thursday and are down 3% in 2017, while the S&P 500 has gained 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Molina Healthcare says if Obamacare payments aren't made it will pull out of the market

MarketWatch Market Pulse - Thu, 04/27/2017 - 15:23

Molina Healthcare Inc. said in a letter to Congressional leaders Thursday that if cost-sharing payments that are part of the Affordable Care Act aren't funded it has "no choice" but to pull out of the health law's marketplaces immediately. "That would result in about 650,000 to 700,000 people losing insurance coverage in 2017, and we would not participate in Marketplace in 2018, resulting in over 1 million Americans losing health insurance coverage," the letter -- first reported by news outlet Axios -- said. The subsidies allow health insurers to provide health plans with lower cost-sharing to low-income individuals, and have become a point of contention in a government spending measure that would avert a shutdown. Molina, which described itself as one of the largest participants in the ACA's marketplaces, is one of the few health insurers to make money on the exchanges. In the Thursday letter, the company directly refuted a claim made by President Donald Trump that the payments amounted to "bailing out insurance companies." The payments reduce co-pays and deductibles for eligible low-income members and are used directly to pay the provider, Molina Chief Executive Officer J. Mario Molina said. "Thus, this is not a bail-out or windfall to the insurance company," he said. Molina shares have declined 15.3% over the last three months, compared with a 4.1% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Oil prices end at lowest level in a month

MarketWatch Market Pulse - Thu, 04/27/2017 - 14:46

Oil prices settled with a loss on Thursday, as growing U.S. crude production and news of the restart of Libya's biggest oil field helped send prices to their lowest finish in about month. June WTI crude fell 65 cents, or 1.3%, to settle $48.97 a barrel on the New York Mercantile Exchange, a level not seen since March 28, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

MGM Resorts stock jumps 3.4% as CFRA reiterates strong buy rating

MarketWatch Market Pulse - Thu, 04/27/2017 - 13:58

Shares of casino operator MGM Resorts International rose 3.4% Thursday, after the company reported stronger-than-expected earnings for its first quarter. CFRA reiterated its strong buy rating on the stock and raised its stock price target to $36 from $34 on the news. MGM said it had net income of $207 million, or 36 cents a share, in the quarter, up from $67 million, or 12 cents a share, in the year-earlier period. Revenue rose to $2.71 billion from $2.21 billion, ahead of the FactSet consensus of $2.63 billion. "MGM National Harbor and Borgata, our newest additions on the East Coast, are leading their respective markets, and we continue to work toward expanding our footprint in Macau with the opening of MGM Cotai later this year," Chief Executive Jim Murren said in a statement. Shares have gained 7% in 2017, while the S&P 500 has gained 6.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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